ING has reached agreement to sell the majority of its ING Real Estate Investment Management business (ING REIM) in two separate transactions for a combined price of approximately USD1bn (€770m). As part of the overall transactions, ING has also agreed to sell up to approximately USD100m of its equity interest in existing ING REIM funds.
ING has entered into an agreement with CB Richard Ellis Group, Inc., to sell ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM’s US-based manager of listed real estate securities, as well as part of ING’s equity interests in funds managed by these businesses. The proceeds for these REIM businesses and the equity interests amount to approximately $1bn.
ING REIM Europe, ING REIM Asia and CRES combined have €44.7bn in assets under management as of 31 December 2010. Continue reading